Investment in a huge resort in Egypt's Marsa Alam area could hit $1.8-$2.2 billion, according to a senior official associated with the project, quoted by the Gulf News Thursday.
The Port Ghalib project on the south Red Sea coastline will take up to 10 years to complete, the paper added.
James Pringle, Cairo-based senior counselor for the Kuwait-based M.A. Kharafi Group (MAKG) was quoted by the daily as saying that "the first phase between now and 2005 will entail investment of about $1.2 billion, and the second will need $900 million to $1 billion by 2010.”
He said "we are putting in place a very complex financing structure. The estimated $1.2 billion first phase capital outlay is pretty fixed.
"Port Ghalib is being positioned, designed and developed to a level unknown in Egypt today - a world-class resort development that blends elements of San Tropez, Puerto Banus and Port Grimaud with the natural pristine, desert and mountain areas of the south Red Sea coastline in the Marsa Alam area.”
According to the paper, the project involves the development of 12 or 14 hotels on 22 million square meters of land acquired by MAKG in early 1998 from the Egyptian Tourism Development Authority - Albawaba.com
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